I’m looking to sell my timeshare in Vegas. Does anyone know any good companies that don’t take money up front to sell? Has anyone had a positive experience with any companies at all?
If there is a mail box or a community bulletin board at your home resort, you can put a “For sale” sign. This will pressure the developer specially if they sell it for $20,000 USD and you offer it for $5,000. Sometimes on the fine print of some sale agreements says that the developer has the first right to buy if your place is ever sold. I have heard of developers paying the money (as long as is not too much) just to take the sign out.
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam.
Unfortunately over 50% of people that really need to sell their timeshare falls for this resale scams where they charge money upfront and less than 10% of them use their only real option which is to post it or offer it trough free advertising options as much, and as many sites as they can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in what you paid for, as they resale for less than $2000 USD.
There are some free classified ads where you can start posting:
http://timeshareownerscommunity.com/
http://craigslist.com
http://ebay.com
http://recycler.com/
http://usfreeads.com/
http://www.inetgiant.com/
I have a timeshare that a can no longer afford to pay for. The financial services department of the resort says it will count as a foreclosure and is very bad for my credit. Is this just what they say to get you to pay? What’s the worst that can happen?
2 things will happen.
1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn’t pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.
2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.
Let’s say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as "other income." (The loan is considered separately from the property so the $4000 loss doesn’t reduce the COD income at all.)
My uncle wants to give me his timeshare in Reno. I live in New Jersey. I took a liking to cruising over land based vacations. I would like to take it but need to know the pitfalls. If I decide later after I have taken it can I just surrender it without any credit damage?
The ease of renting your Reno Timeshare is determined by the quality of the property. If it is in a highly desirable building you may be able to trade for Cruise based time shares. It really depends on the quality of your property. If your property is in demand it opens all kinds of doors for you and resale should be possible etc, good luck
I went online to sign up to sell my timeshare and the agent call me on my phone but I am afraid he might scam me.
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam. There are some free classified adds where you can post it and get some results:
http://timeshareownerscommunity.com/
http://tug2.net/
http://craigslist.com
http://ebay.com
http://timesharegateway.com/
http://bidshares.com/
